Who would be in control of the currency in a cashless society?

In many ways, recovery from the crisis has become possible due to prudent policies of central banks and states, which included instruments such as adjusting base interest rates and quantitative easing. However, the key role here was played by the very possibility of control over the system. In the face of chaos and uncertainty, private organizations and customers pin their hopes on the government.
It is the complete control over the system that allows the latter to effectively manage the market when needed, and to contribute to the well-being of citizens and the economy as a whole, as well as to maintain sovereignty. Everyone knows about the latest large financial crisis that broke out in the world back in 2007-2008. One of the affected countries was Germany, which economy by that time was already very important for the Eurozone. Millions of private accounts and the entire credit market of the country were endangered, and so the government had no choice but take matters into its own hands. From the very start, the German financial authorities introduced ban on “naked” short-selling in 11 financial stocks and guaranteed all private bank accounts and €400bn of medium-term bank lending. All this, together with the ECB anti-crisis policies and other actions, helped pull Germany out of the predicament and turned the country in one of the Eurozone’s financial leaders.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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Top Ten Things To Know

The debate

Removing ATMs: Why banks are pushing for a cashless society

Why the Use Cash is so resilient

Electronic Payments are not the only option: Cash remains

Cash or Cashless: A short 2021 Assessment

Turning Cashless? The COVID-19 excuse

Cash remains an economic and social Asset

Why Inclusion is not part of the Cashless Society Agenda

"Euro banknotes are here to stay" says Cristine Lagarde

Toward cashless economy: Are cryptocurrencies better than cash?

New York City Cashless Stores must comply with the law